Choosing a standalone provider to take your income protection quote with is one way of ensuring that you would not fall victim to arrears with your mortgage or loan repayments. You would be able to continue paying as you would normally when you had an income coming in. You could lose your income after falling sick or if you were to be involved in an accident. You might also fall victim to redundancy and the policy would cover this too.
When considering taking out an income protection quote you should not confuse it with a similar product. Income protection insurance has a similar name but pays out for lot longer which is up to the age of you retiring if needed but it does not cover unemployment. The shorter term policy income payment protection covers accident sickness and unemployment together but pays for a shorter period of time.
Income payment protection would begin to provide you with your income, tax free after a period of between the 30th day and as long as the 90th day depending on the provider. Some providers might offer to backdate to the very first day you became unemployed or you were declared unfit for work. When the policy begins to provide you with an income it would only pay for a defined period of time and then it would stop. Providers would usually pay your income each month over 12 monthly payments or 24 monthly payments. During this time you would have the peace of mind that you would not get behind on any of your essential payments.
The Council of Mortgage Lenders has just announced that up to June this year over 18,000 homeowners lost their home to the mortgage lender after being unable to keep up with the mortgage. They also estimate that by the end of 2008 the total amount of those who will lose their homes will reach 45,000. They also noted that the numbers of repossessions are on the increase to the number that occurred the same time last year. With this in mind it is essential to do everything you can to protect your payments each month and income payment protection could be the answer.
Of course the income you insured against which is up to a certain amount set out by the provider would allow you to maintain all your other essential outgoings. These could include any loan/credit card outgoings, your food bill, gas and electric bills to name just a few. A cheap income protection quote that led to a policy would allow you to make a recovery and get back to work without adding more stress onto what would already be a very stressful situation. It would also allow you to go about finding work again and concentrate on attending interviews to find work. Of course you would have to check what exclusions there were in a policy and check them against your circumstances. Some providers might add in many more exclusions than others so always compare these when comparing the cost of the insurance.
Author Resource:-
Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.
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